Aeffe

Investor Presentation • Mar 14, 2024

AEFFE GROUP FY Consolidated Results Presentation 14th March 2024

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This presentation does not constitute or form part of any offer to sell or invitation to purchase or subscribe for, or otherwise acquire or dispose of any Aeffe S.p.A.securities.

This presentation includes forward-looking statements which are based on the Company's management's current views with respect to future events and financial and operational performance of the Company and its subsidiaries. These forward-looking statements are subject to risks and uncertainties. In light of these risks and uncertainties, the events described in such forward-looking statements may not occur and any targets or projections may differ materially from those expressed in or implied by these statements due to any number of different factors.

You are cautioned not to place undue reliance on the forward-looking statements contained herein, which are made only as of the dater of this presentation. Aeffe S.p.A. does not undertake any obligation to publicly release any updates or revisions to any forwardlooking statements to reflect events or circumstances after the date of this presentation.

Any reference to past performance or trends or activities of Aeffe Group shall not be taken as a representation or indication that such performance, trends or activities will continue in the future.

CONSOLIDATED REVENUES -9.0% at 319 million euros (-9.5% at current exchange rates)

ADJUSTED EBITDA +12.4 million euros (+35.6 million in 2022)

NET LOSS at 32.1 million euros compared with a net loss of 9 million in 2022

FINANCIAL INDEBTEDNESS (net of IFRS16 effect) equal to 152 million euros (127 million at December 31, 2022)

FINANCIAL INDEBTEDNESS (including IFRS16 effect) equal to 253 million euros (232 million at December 31, 2022)

*At constant exchange rates

231.8 212.4

*(7.6%)

Euro millions

*At constant exchange rates

Before inter -divisional eliminations

PRET A PORTER

Euro millions

213.9 2022 2023 WHOLESALE * (13.9)%

Euro millions

* At constant exchange rates

Euro millions

REVENUES BY BRAND BY Q

2022 2023

Q1 Q2 Q3 Q4

10

Euro millions

*At constant exchange rates

REVENUES BY REGION BY Q

12

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D LI
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N O C

INCOME STATEMENT	FY 23	FY 22
Net Sales	318.6	352.0
% change	(9.5%)
Other Revenues	10.7	11.6
Total Revenues	329.4	363.6
% change	(9.4%)
Raw Materials Costs	(129.2)	(135.2)
Service Costs	(110.4)	(110.8)
Costs for use of third parties	(6.0)	(5.7)
Personnel	(71.8)	(69.9)
Other Operating Expenses	(6.2)	(6.5)
Total Operating Expenses	(323.6)	(328.0)
EBITDA	5.8	35.6
Non recurring effects	6.7	0.0
ADJUSTED EBITDA	12.4	35.6
Adjusted margin (% of Net sales)	3.9%	10.1%
Depreciation and Amortisation	(32.9)	(34.3)
EBIT	(27.1)	1.2
Margin (% of Net sales)	(8.5%)	0.3%
Net Financial Income / (Expenses)	(10.8)	(5.0)
Profit before taxes	(37.9)	(3.8)
Margin (% of Net sales)	(11.9%)	(1.1%)
Taxes	5.9	(5.3)
Net income/(loss) before minorities	(32.0)	(9.1)
Margin (% of Net sales)	(10.0%)	(2.6%)
Minority Interests	(0.2)	0.0
Net income/(loss) gor the Group	(32.1)	(9.0)
Margin (% of Net sales)	(10.1%)	(2.6%)

(EUR MILLIONS)

BALANCE SHEET	2023Y	2022Y
Net Working Capital	108.3	113.0
Net Tangible Assets	60.4	61.3
Net Intangible Assets	62.9	66.0
Net Intangible Assets for Rights of use - IFRS 16	102.2	110.6
Net Financial Assets	0.1	0.2
Severance Staff, Provisions & Others	(1.3)	(9.5)
Net Capital Employed	332.7	341.6
Shareholders' Equity	79.2	109.8
Net financial Debt	152.5	126.9
Net financial debt for Lease liabilities - IFRS 16	101.0	104.9
Net Financial Debt and Shareholders' Equity	332.7	341.6
Accounts Receivables	56.1	62.9
Accounts Payables	(78.7)	(88.6)
Inventory	112.3	116.7
Operating NWC	89.6	91.0
As % of LTM sales	28.1%	25.8%
Other Current Assets/Liabilities	18.7	22.0
Net Working Capital	108.3	113.0

CASH FLOW	2023Y	2022Y
PBT	(37.9)	(3.8)
Amortisation / write-downs	32.9	34.3
Accrual (+)/availment (-) of long term provisions	(1.4)	(0.3)
Paid income taxes	(2.6)	(2.2)
Financial income (-) and financial charges (+)	10.8	5.0
Change in operating assets and liabilities	4.7	(34.6)
Operating Cash Flow	6.4	(1.5)
Capital Expenditure	(5.9)	(8.8)
Capital Expenditure for Rights of use - IFRS 16	(13.0)	(47.7)
Free Cash Flow (Operating CF + Capital expenditure)	(12.4)	(58.1)
Changes in shareholders' equity	1.4	(1.3)
Proceeds (+)/ repayments (-) of financial payments	18.5	21.3
Proceeds (+)/ repayment (-) of lease payments	(3.9)	29.2
Increase (-)/ decrease (+) in long term financial receivables	0.1	4.3
Financial income (+) and financial charges (-)	(10.8)	(5.0)
Cash Flows from Financing Activities	5.4	48.5
Cash and cash equivalents at the beginning of the year	21.7	31.3
Cash Flow of the Period	(7.0)	(9.7)
Cash and cash equivalents at the end of the year	14.6	21.7

(EUR MILLIONS)